China PMI

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China: PMI falls to five-month low in July

August 1, 2015

The Purchasing Managers’ Index (PMI) declined from 50.2% in June to 50.0% in July, according to the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing (CFLP), which publish the index. The print undershot the 50.2% that market analysts had expected and represented a five-month low. As a result, the PMI sits exactly in the 50%-threshold that separates contraction from expansion in the manufacturing sector.

July’s reading reflected a decline in new orders, which dipped to a nearly three-year low, and weakening production output. Inventories and unemployment also deteriorated in July, whereas the supplier delivery times category inched up in the same month. The input prices—a reliable leading indicator for consumer prices—hit a five-month low in July, thereby remaining firmly entrenched below the 50%-threshold. New export orders declined further and hit a 25-month low, reflecting the softening external demand


Author: Ricard Torné, Head of Economic Research

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China PMI July 2015

Note: Purchasing Managers’ Index. Readings above 50% indicate an expansion in the manufacturing sector while readings below 50% indicate a contraction.
Source: National Bureau of Statistics of China (NBS) and the China Federation of Logistics and Purchasing (CFLP).


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